The Florida Senate

560.403  Requirements of registration; declaration of intent.--

(1)  No person, unless otherwise exempt from this chapter, shall engage in a deferred presentment transaction unless the person is registered under the provisions of part II or part III and has on file with the office a declaration of intent to engage in deferred presentment transactions. The declaration of intent shall be under oath and on such form as the commission prescribes by rule. The declaration of intent shall be filed together with a nonrefundable filing fee of $1,000. Any person who is registered under part II or part III on the effective date of this act and intends to engage in deferred presentment transactions shall have 60 days after the effective date of this act to file a declaration of intent.

(2)  A registrant under this part shall renew his or her intent to engage in the business of deferred presentment transactions or to act as a deferred presentment provider upon renewing his or her registration under part II or part III and shall do so by indicating his or her intent on the renewal form and by submitting a nonrefundable deferred presentment provider renewal fee of $1,000, in addition to any fees required for renewal of registration under part II or part III.

(3)  A registrant under this part who fails to timely renew his or her intent to engage in the business of deferred presentment transactions or to act as a deferred presentment provider shall immediately cease to engage in the business of deferred presentment transactions or to act as a deferred presentment provider.

(4)  The notice of intent of a registrant under this part who fails to timely renew his or her intent to engage in the business of deferred presentment transactions or to act as a deferred presentment provider on or before the expiration date of the registration period automatically expires. A renewal declaration of intent and fee, and a late fee of $500, must be filed within 60 calendar days after the expiration of an existing registration in order for the declaration of intent to be reinstated. If the registrant has not filed a renewal declaration of intent within 60 days after the expiration date of an existing registration, a new declaration must be filed with the office.

(5)  No person, other than a financial institution as defined in s. 655.005, shall be exempt from registration and declaration if such person engages in deferred presentment transactions, regardless of whether such person is currently exempt from registration under any provision of this code.

History.--s. 13, ch. 2001-119; s. 726, ch. 2003-261.